Most people probably have at least one active checking account that they use for direct deposit, to pay bills or transfer money to relatives. While many can readily acknowledge that a checking account is a useful banking account suitable for many financial transactions, most will not be so ready to admit that they do not make the most out of checking accounts, letting money just sit there aimlessly instead of maximizing profitability.
Thus, the question that everyone should be asking ourselves is what are the steps that they can take to get the most out of our checking accounts? After all, money should be working for them and they should not be stressing over the growing medley of banking and ATM fees.
Start off by picking the right bank. Shop around for a bank with the most lucrative checking account options and incentives and do not just settle for the first bank that you see passing by on a street. Look for a bank that provides free checking, convenient ATM branches and direct deposit incentives.
If you are considering opening a checking account, consider opening one that has a high-yield rate. Though not as common as high-yield savings accounts, these types of checking accounts do exist. Some even offer interest rates that are higher than national average savings account rates.
Check and find out whether your bank offers any rewards for opening or keeping a checking account. A lot of small banks and credit unions offer such benefits that may include high percentage returns, if you keep a certain amount of money in your checking account every month or if you make a set number of electronic transactions per month. Check the detailed terms and conditions with your bank to see if this special “rewards” checking account is available in your area.
Set up an online feature to be able to access your checking account at any time, from anywhere. If you use online banking as a primary tool for paying your bills, link it to an account at a traditional bank. You will be able to move money or interact with your bank on a regular schedule or whenever you want to make a transfer.
If you want to make the most out of your checking account, make sure you protect it. Review your monthly statements regularly, taking note of all checks, deposits and bill payments that you have made in a month.
Check and find out all or any of the fees associates with various transactions involving your checking account. Make sure that you are not unnecessarily paying for an add-on service that you do not need or that will charge you a fee per each transaction.
All in all, remain knowledgeable and diligent about your checking account and make sure that you are not getting ripped off. Shop around frequently for better deals and services at other banks and do not hesitate when you find something better than your current bank can offer.